Manoj Agrawal: Do you think digital marketing has reduced the cost of customer acquisition?
Manav Sachdev: Marketing through new age platforms (digital) has definitely increased the traffic for insurance companies. But conversions are negligible. Digital marketing is more educational in nature than targeted at customer needs. This is because the sparse customer data of Indian insurance companies and lack of backend system integration make it difficult to retrieve data. The available data is not good enough for contextual targeting.
Digital marketing vs regular marketing what is adding to the bottom line?
In the case of digital marketing, it will cost lesser than a TV advertisement. But there is a cost to be paid to Google or Facebook or any other platform doing the demography based marketing. To sum it up, it may not get you the desired revenues or conversions.
Which category is pushing down the cost effectively for customer acquisition - insurance companies themselves or insurtechs or insurance aggregators?
This story is from the December 2020 edition of Banking Frontiers.
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This story is from the December 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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